The key factor is ensuring you have proper documentation to support all the transactions, deductions, and income reported.

If you find that you really need a deduction, it might be worth exploring the possibility of pushing the closing on your property into 2024.

If they have any rules about short-term vs. long-term rentals, you’ll want to know upfront to avoid headaches.Also, keep an eye on tax implications – renting while living there can open up some sweet deductions. :) Sounds like you're setting yourself up for success!

As you grow your business, having a real estate accountant in your corner can help you maximize your deductions, ensure compliance, and plan for future investments.

Will business expenses be deductible for all against other active income - or only for me?

I have a few things I am hoping to get some guidance on if possible:1) Can itemized deductions just be the quotes for things needing fixed/ cleaned?

Correct me if I'm wrong but since the Roth IRA has no tax liability, the depreciation deduction is basically lost.

Different portions of land and building might be subject to different tax rates or legal considerations.Calculating land and building values for tax purposes is a critical step toward maximizing your available tax deductions from depreciation.

What a lot of people think:Bonus depreciation is only for new properties or acquisitions.The truth:You can retroactively apply bonus depreciation to property placed in service after September 27, 2017, when the Tax Cuts and Jobs Act passed changing various rules.The IRS allows you to claim missed depreciation deductions by adjusting your current year's tax return, without needing to amend the previous year's returns.This is typically done through a change in accounting method using IRS Form 3115.

My CPA says STR "A" can only deduct expenses for STR property "A", and only up to income level.